Tesla inks big lease on office/warehouse in Santa Monica

Elon Musk may be pivoting to Texas, but his electric car company is expanding in LA

Los Angeles /
Apr.April 19, 2021 11:15 AM
Tesla's new property is 82,000 square feet. (Getty, Daum Commercial)
Tesla’s new property is 82,000 square feet. (Getty, Daum Commercial)

Elon Musk may be pivoting to Texas, but his electric car company is still expanding in Los Angeles.

Tesla signed a five-year lease for an 82,000-square-foot warehouse and office property in Santa Monica, according to the Los Angeles Business Journal. Terms are said to be around $12 million for the life of the lease, according to the report.

Parr Investment Company owns the property at 1100 Colorado Avenue.

Tesla is based in Palo Alto and also leases around 131,000 square feet in Marina del Rey. That least was signed in 2017 and runs at least seven years.

The car company is building a massive “Gigafactory” on 2,100 acres outside Austin, Texas, which will employ an estimated 5,000 people. On Saturday, two men were killed in a Tesla vehicle in Texas in which neither man appeared to be behind the wheel, according to the New York Times.

Musk, who seems to pride himself on being an eccentric billionaire, has been selling off his LA.-area residential properties over the last year. His two other companies — The Boring Company and SpaceX — have sizable footprints in the South Bay.

SpaceX is headquartered in Hawthorne, and the Port of L.A. serves as a departure and arrival point for its floating rocket barges.

The company has been going back and forth with Port of L.A. officials about leasing a 12.5-acre chunk of Terminal Island for a rocket fabrication facility. SpaceX abruptly walked away from discussions in 2019 only to restart negotiations early last year. The company moved its Starship production operation to where else, but the Lone Star state.

Hawthorne also hosts The Boring Company’s research and development high-speed “Loop” tunnel.

[LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
Chime CEO Chris Britt and 101 California Street (Google Maps)
Fintech firm may sign biggest lease in San Fran of pandemic
Fintech firm may sign biggest lease in San Fran of pandemic
Bardas Investment Group founder David Simon and the site of the project. (Google Maps, Bardas, Getty)
Bardas Investment plans production studio at former Sears
Bardas Investment plans production studio at former Sears
Black Equities Group's Stanley Black and Equity Residential's Mark J. Parrell. (Apartments.com, Getty, Equity Residential)
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
L’Oréal CEO Stéphane Rinderknech and Hackman Capital CEO Michael Hackman with a rendering of the project (888 Douglas)
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Roku CEO Anthony Wood, Boston Properties CEO Owen Thomas and Colorado Center. (Bostom Properties, WikiMedia / Collision Conf)
Roku inks long-term lease at Colorado Center
Roku inks long-term lease at Colorado Center
Rexford Co-CEOs Howard Schwimmer and Michael S. Frankel and Quixote CEO Mikel Elliott. (Google Maps, Rexford, Quixote)
Rexford Industrial inks studio and equipment firm to big lease
Rexford Industrial inks studio and equipment firm to big lease
(Getty, iStock)
LA’s office market hasn’t even started to recover
LA’s office market hasn’t even started to recover
Rendering of 2045 E. Violet Street (Rios via Urbanize)
Major office complex proposed for Arts District
Major office complex proposed for Arts District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...